Vince McMahon has stepped down from his role as WWE CEO and Chairman, in the biggest shift in power the promotion has seen in decades.
While McMahon is under investigation for an alleged affair and $3 million hush-money arrangement, many have said that he is safe, given that he’s the voting majority on WWE’s board of directors.
McMahon has survived scandals in the past, but this is a new battle for the Sports-Entertainment promoter and he could lose his job after all.
The Conditions
According to Brandon Thurston of WrestleNomics, McMahon’s contract does give the board power to remove him if certain conditions are violated.
While most have nothing to do with the ongoing investigation, there are two that stand out (via eWrestlingNews.)
(a) the Executive’s theft or embezzlement, or attempted theft or embezzlement, of money or property of the Company or its affiliates.”
McMahon’s contract
While the investigation has yet to be concluded some have argued that McMahon could face allegations of embezzlement given their relationship.
It has been claimed that the paralegal was promoted rapidly, from a $100,000 contract to a $200,000 deal after beginning the alleged physical relationship with McMahon.
Given that the payment would have come out of WWE’s pocket, an embezzlement claim could be made.
“(c) the Executive’s willful and intentional material misconduct in performance of his duties or gross negligence of his duties (other than due to the Executive’s Disability), including an intentional failure to follow any applicable Company policies or directives.”
McMahon’s contract
Having an affair with an employee could certainly be considered misconduct in the performance of his duties.
What’s next for McMahon?
Vince McMahon appeared on last night’s SmackDown but did not address the allegations against him.
In his absence, Stephanie McMahon will serve as interim CEO and Chairwoman of WWE until the investigation is concluded.
McMahon has promised to respect the result of the investigation no matter the result.
